Wall Street insider replaces Apple’s longest-serving board member

Apple is continuing its push to diversify its leadership with the announcement this afternoon that Susan Wagner, a wall street insider who co-found one the world’s top investment firms, has been added to the company’s board of directors, taking the spot of the board’s longest serving member.

Bill Campbell has been on Apple’s board for 17 years but has decided to retire, making room for Wagner to take her seat on Tim Cook’s board. Wagner comes to the board after co-founding BlackRock in 1988 and leading it to become one of the world’s most successful asset-management companies. She’ll continue to serve on BlackRock’s board, as well as boards for Swiss Re, Wellesley College, and Hackley School.

In an press release announcing the changes, Tim Cook had high praises for Wagner, as well as the man she’s replacing:

“Sue is a pioneer in the financial industry and we are excited to welcome her to Apple’s board of directors. We believe her strong experience, especially in M&A and building a global business across both developed and emerging markets, will be extremely valuable as Apple continues to grow around the world.”

“Bill’s contributions to Apple are immeasurable and we owe him a huge debt of gratitude. On behalf of the board and the entire company, I want to thank him for being a leader, a mentor and a friend. When Bill joined Apple’s board, the company was on the brink of collapse. He not only helped Apple survive, but he’s led us to a level of success that was simply unimaginable back in 1997.”

Before turning BlackRock into one of the most well known investment firms, Wagner received her MBA in finance from the University of Chicago, she started her career at Lehman Brothers in 1984 inventing mortgage securities. Wagner becomes the second female member of Apple’s board of directors, joining former Avon CEO Andrea Jung, who came onboard in 2008.